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Life Insurance Product Overview

Cheerful senior couple enjoying life together, having fun at home
  PRODUCT TYPE ADVANTAGES DISADVANTAGES
 

1

 

WHOLE LIFE

Without term riders

 

·       Guaranteed Premiums – cannot change

·       Fully reserved with cash values available to policy owners

·       Over 100+ years history. Whole life has consistently paid benefits

·       Expensive – highest premium for the death benefit

·       Inflexible design – difficult to change premium or death benefit

·       Actual dividends are unlikely to be as high as currently illustrated dividend crediting rates

·       Dividends paid at insurance company’s discretion

 

2

 

UNIVERSAL LIFE

Without secondary death benefit guarantees

 

·       Lower projected premium

·       A great amount of premium flexibility

·       Adjustable death benefit

 

·       Client at risk for having to pay higher premium

·       Company can change cost of insurance, credited rate and expense charges

·       Very little is guaranteed - Almost everything is subject to company’s discretion


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